TORONTO - PharmAla Biotech Holdings Inc. ('PharmAla' or the 'Company') (CSE: MDMA) (OTCQB: MDXXF), a biotechnology company focused on the research, development, and manufacturing of novel MDXX class molecules (including its LaNeo MDMA), announced three corporate updates.
Change of Auditor
The Company determined that it was in its future best interest to pursue engaging an auditor who is capable of conducting a U.S. Public Company Accounting Oversight Board ('PCAOB') mandate. The mandate was offered to Clearhouse LLP (the 'Predecessor Auditor'), which advised the Company that it was unable to accept the engagement.
Following a request for proposals from multiple audit firms, the Company decided to replace the Predecessor Auditor with Davidson & Company LLP (the 'Successor Auditor').
On September 14, 2026, the Board of Directors of the Company passed a resolution to appoint Davidson & Company LLP and accepted the resignation of the Predecessor Auditor.
The Company extends its gratitude to Clearhouse LLP for its past service and looks forward to working with Davidson & Company LLP.
Water Tower Research
On April 23, 2026, PharmAla entered into a Subscription Services Agreement (the 'Agreement') with Water Tower Research LLC ('WTR'), a wholly owned subsidiary of alphaDIRECT Group LLC.
Under the Agreement, WTR will provide PharmAla with company research, investor engagement and stakeholder communication and intelligence programs through the production of research reports and supporting content (collectively referred to as 'WTR Content') distributed through WTR's proprietary digital delivery infrastructure.
PharmAla agreed to pay $58,000 ('Annual Fee') for access to the Subscription Services, which commenced on May 15, 2026 ('Effective Date'), upon execution of this Agreement. This Agreement has a one (1) year term (the 'Term') ending on May 15, 2027. There is no equity linked compensation for WTR under the terms of the Agreement.
In connection with the Subscription Services, PharmAla will receive
Ongoing analyst support and coverage of Clients company which may include but is not limited to: Initiation of Coverage ('IOC') Fireside Chats - Video Update Notes
Management Series Reports
Quarterly Earnings Notes
WTR's Small-Cap Spotlight Podcast
Industry Notes Inclusion
Expert Series - Video
WTR Symposium Series Events
Symposium Series Recap Notes
WTR shares content through their digital delivery infrastructure, which includes their own website, social media and with direct mailing lists.
Oak Hill Financial Inc.
On April 21, 2026, PharmAla signed a contract with Oak Hill Financial Inc. ('Oak Hill'). Oak Hill will provide business and capital markets advisory services, including raising the Company's profile with the investment community, and assisting dissemination of investor presentation materials.
The initial term of the agreement was two months. Following the initial term, the agreement may be extended on a month-to-month basis at the sole discretion of the Company. Upon renewal, the monthly fee will remain the same. Either party may terminate the agreement after the initial term upon five (5) business days' written notice. The Company will pay Oak Hill a monthly advisory fee of $12,000 plus pre-approved out-of-pocket expenses.
There are no performance factors under the agreement with Oak Hill, and Oak Hill will not receive any common shares or other securities of the Company as compensation. Oak Hill has no present interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest. Oak Hill is an arm's length party to the Company.
About PharmAla
PharmAla Biotech Holdings Inc. (CSE: MDMA) is a biotechnology company focused on the research, development, and manufacturing of MDXX class molecules, including MDMA. PharmAla was founded with a dual focus: alleviating the global backlog of generic, clinical-grade MDMA to enable clinical trials, and to develop novel drugs in the same class. PharmAla is a 'regulatory first' organization, formed under the principle that true success in the psychedelics industry will only be achieved through excellent relationships with regulators. Our team of dedicated professionals includes regulatory experts, scientists, and biomanufacturing professionals. PharmAla has built what it believes to be North America's first cGMP MDMA value chain, encompassing GMP manufacturing of Active Pharmaceutical Ingredient (API), and drug product formulation. PharmAla's research and development unit has also begun preclinical research into two patented Novel Chemical Entities (NCEs) based on MDXX class molecules, with proof-of-concept research currently ongoing at the University of Arkansas Medical School.
Contact:
Tel: 1-855-444-(6362)
Email: outreach@pharmala.ca
Nicholas Kadysh
Email: press@pharmala.ca
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